1994 was the inaugural year for the BPR GT Championship, an eight round endurance racing series contested predominantly in Europe but with two races held in the Far East. BPR's top GT1 category would be dominated by Venturi 600 LM's, Porsche's unique works-backed 964 Turbo S LM and this, the Michelotto-prepared, Strandell-run F40 GTE muletto. Having already been rebuilt from GT '92 to '93 spec, this car, chassis 90001, was used throughout 1994, '95 and '96. It was driven by Luciano della Noce and Anders Olofsson although the season didn't get off to a great start with delayed parts deliveries forcing the team to skip the 4 Hour race at Paul Ricard and make their debut three weeks later in Spain. Things went well in qualifying around Jarama, the Ferrari taking pole position in the hands of Olofsson, only to retire from the race whilst leading with a turbo failure. Another pole at Dijon was followed by a disappointing result, classified 20th, 90001 ended up 44 laps down on the winning Venturi after a multitude of niggling issues.

Starting from third in Montlhery's 1000km, Olofsson and della Noce were struck by their second turbo failure in three races to post another DNF. However, this frustrating start to the season was all but forgotten at the next round where the Ferrari finished three laps ahead of the second placed Callaway Corvette to win the Vallelunga 4 Hours. Having begun the race with its third pole in four races, Ferrari's first outright GT victory in years marked the F40 out as a potential championship contender - if those persistent reliability issues could be rectified. 90001 began the Spa 4 Hours second behind the Pilot Aldix-backed Venturi 600 LM of Ferte and Thevenin, the pole-starting French pair who would themselves switch to an F40 LM for the 1995 championship. Olofsson and della Noce went on to finish second, the BPR series heading to the Far East for its penultimate race of the year, the prestigious Suzuka 1000km. Qualifying second, 90001 posted its third retirement in six races, this having been the final appearance made by the Italian team in 1994.